Sainsbury's Bank has reduced the APR on unsecured personal loans of between £7,500 and £20,000 by 0.1%, strengthening its position in the charts and earning it an Outstanding rating in the process.
A Standard Nectar Cardholder Loan of £7,500 to £15,000 over a term of one to three years now has an APR of 3.1%, the lowest loan rate on record. Those seeking a loan of £15,001 to £19,999 over a term of two to three years can benefit from the same record low rate, while a loan of £7,500 to £15,000 over 37 months to five years and a loan of £15,001 to £19,999 over a term of 37 months to seven years now charge a slightly higher but still incredibly competitive rate of 3.2% APR.
Example monthly repayments: £7,500 over five years = £135.28.
Applications can be made online or over the phone. Borrowers must be at least 18 years old with an annual household income of at least £7,500 to apply, and will need to be new or existing Nectar Cardholders. They should also remember that rates are representative and dependent on their credit rating. As an added bonus, the loan comes with a "price promise guarantee", whereby anyone who finds a "like for like" loan with a lower APR from another lender after applying for a Sainsbury's loan will be able to ask for a deal that beats it by 0.1%.
This personal loan has rightly earned the highest rating and solidified its position in the charts by offering the lowest loan rate we've ever seen and providing a selection of highly competitive choices to Sainsbury's customers.
Moneyfacts rating: Outstanding
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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